Can HRD solve Public Sector Banks issues in India

What is customer service in Banking Industry?

My five years experience in public sector bank has taught me that customer service wins you business and that pays my salary. 

For me customer service is replying or responding to customer needs with knowledge, efficiency and smart work. 

To have all these qualities in one officer is seldom these days in spite of competitive recruitment process where all government jobs recruitment are blocked due to court cases. May be coaching centers are so good enough that average people can crack such tough exams 

or the spirit of these efficient young recruits spirits are broken by sheer poor HRD sections in banks. 

I want people from Banking sectors to share their stories or feedback.

Modi Government should have cancelled Private Banks License during demonitization

Citizens have criticised Modi government for demonetization during November 2016 when billions of Indian citizens had to stand in long queues to exchange or deposit old currencies of Rs.500 and Rs. 1000 notes.

RBI has denied replying to lot of RTI applications on their opinions or views given to the government just couple of hours before PM Mr. Narendra Modi address to the nation.

Lets understand the what could have happen if the real objective was achieved :

1. So called liquid money of 1% of population who controls 85% of economy would have lost 50% of economy and sectors which run on liquid cash like trading, media or construction would have seriously affected.

But in reality all the black money came into system and industries who run on cash were still affected as there was slow flow of cash in each and every sector as most of the industries who supports labours or contract workers were struggling to pay migrant workers who are backbone of growing economy.

But demonetization was a failure on one reason BLACK MONEY TURNED WHITE.

But nobody is debating on how the modern system of banks especially private banks failed during demonization. Do you think that black money holders will let go of their hard earned money just because its black.

Lets look into reputation and struggling PSU banks who are struggling for capital as most of the saving accounts and current accounts are shifting towards private banks predominately because of bad service.

Lot of customers have approached branch in charges of PSU bank's branches for hiding their dubious money by putting through multiple credits into accounts which were fake not complied with KYC guidelines. They were soon closed after the demonetization was over and these money were later sent to set of other accounts in other states.

But PSU bankers refused as per say baring few simply because of multiple reasons, one of them obviously they are law abiding government officials. To hide these transactions you need a big team who can work late to open so many fake accounts.
 
First time the ill service of PSU banks was beneficial to India economy, but then came the capitalists private banks who seize the opportunity not to get free flowing cash which can turn into interest free capital but was a great opportunity to get good clientele who were once loyal customers of SBI, Canara Bank etc.

Lot of branches were even shut down mid way in December by CBI , but Banks escaped with small fines. Economists have argued and made demonetisation a big failure but what about if a big chunk of money was going no where but in the lakes of Bengaluru or Narmada canal of Gujarat or Arabian Sea.
Or what if in the end the government could have given opportunity to people to pay 40% taxes on it to get it converted into white.

The main aim of all these bold steps is to raise money for government to improve 3 pillars Health Education and employment. 

What is ZED Rating | Another benchmark for MSMEs and Banks in India

The government of India has just introduced ZED rating that is Zero Defect and Zero Effect to enforce manufacturing units to aim better quality,productivity, energy and pollution mitigation. When I say enforce, don't get panic as its not mandatory but you should login on www.zed.org.in to register yourself.
Objectives of ZED

1. Manufacturing with Zero defect processes with zero defect on environment.
2. To upgrade quality standards constantly
3. To support 'Make in India' 

Benefits of Zed Rating.
1. Streamlined operations and lower costs
2. Superior quality reduced rejection and higher revenues.
3. Increased environmental consciousness and social benefits.
4. Credible recognition of MSMEs for international investors seeking investment in India.
5. "Zed Mark" to enable MSME units to be seen as a company/firm with a difference.

QCI Quality Council of India will give you final certificate after reviewing the site assessment report.

All MSMEs which are registered can participate in this scheme. Registration can be done via the UAM of Minister of MSME http://udyogaadhaar.gov.in/UA/UdyogAadhar-New-aspx The Scheme is applicable in all states /UTs of India.

Please note that Banks in India are formulating a policy to consider ZED rating for granting the loans so if you want to avail new finance or go for enhancement Banks my consider you to go under ZED rating which may become mandatory in future. Indian banks association, Mumbai has already communicated to the bank to start considering the ZED rating though not on compulsory levels. Soon the ZED rating will be rolling for MSMEs in the service sector, as presently it is applicable for manufacturing MSMEs only.  

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Withdrawal of 1000 and 500 notes faq information

FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions (FAQs) on Withdrawal of Legal Tender Character of the Old High Denomination Bank Notes

1. Why is this scheme?

The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.

2. What is this scheme?

The legal tender character of the notes in denominations of ₹ 500 and Rs1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business and/or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office.

3. How much value will I get?

You will get value for the entire volume of notes tendered at the bank branches / RBI offices.

4. Can I get all in cash?

No. You will get upto ₹4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account.

5. Why I cannot get the entire amount in cash when I have surrendered everything in cash?

The Scheme of withdrawal of old high denomination(OHD) notes does not provide for it, given its objectives.

6. ₹4000 cash is insufficient for my need. What to do?

You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.

7. What if I don’t have any bank account?

You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.

8. What if, if I have only JDY account?

A JDY account holder can avail the exchange facility subject to the caps and other laid down limits in accord with norms and procedures.

9. Where can I go to exchange the notes?

The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.

10. Need I go to my bank branch only?

For exchange upto 4000 in cash you may go to any bank branch with valid identity proof.

For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank.

In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.

11. Can I go to any branch of my bank?

Yes you can go to any branch of your bank.

12. Can I go to any branch of any other bank?

Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds ₹4000.

13. I have no account but my relative / friend has an account, can I get my notes exchanged into that account?

Yes, you can do that if the account holder relative/friend etc gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.

14. Should I go to bank personally or can I send the notes through my representative?

Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.

15. Can I withdraw from ATM?

It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs.2,000/- per card per day upto 18th November, 2016. The limit will be raised to Rs.4000/- per day per card from 19th November 2016 onwards.

16. Can I withdraw cash against cheque?

Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs10,000/- in a day within an overall limit of Rs.20,000/- in a week (including withdrawals from ATMs) for the first fortnight i.e. upto 24th November 2016.

17. Can I deposit withdrawn notes through ATMs, Cash Deposit Machine or cash Recycler?

Yes, OHD notes can be deposited in Cash Deposits machines / Cash Recyclers.

18. Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?

You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.

19. How much time do I have to exchange the notes?

The scheme closes on 30th December 2016. The OHD banknotes can be exchanged at branches of commercial banks, Regional Rural Banks, Urban Cooperative banks, State Cooperative Banks and RBI till 30th December 2016.

For those who are unable to exchange their Old High Denomination Banknotes on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI, along with necessary documentation as may be specified by the Reserve Bank of India.

20. I am right now not in India, what should I do?

If you have OHD banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the OHD banknotes, the authority letter given by you and a valid identity proof (Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff)

21. I am an NRI and hold NRO account, can the exchange value be deposited in my account?

Yes, you can deposit the OHD banknotes to your NRO account.

22. I am a foreign tourist, I have these notes. What should I do?

You can purchase foreign exchange equivalent to ₹5000 using these OHD notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the OHD notes.

23. I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?

You can use the OHD notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.

24. What is proof of identity?

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

25. Where can I get more information on this scheme?

Further information is available at our website (www.rbi.org.in) and GoI website (www.rbi.org.in)

26. If I have a problem, whom should I approach?

You may approach the control room of RBI by email or on Telephone Nos 022 22602201/022 22602944